Apollo Investment Corp. (AINV) Shares Rise 5% After Analyst Upgrade

Shares of Apollo Investment Corporation (Nasdaq: AINV) are up nearly 5% today after Wells Fargo (NYSE: WFC) upgraded them from Market Perform to Outperform.

Wells Fargo said that "our more favorable outlook is based on our view that AINV remains well positioned to capitalize on a growing set of investment opportunities and that credit quality should improve as the cycle progresses. We believe the recent pullback in the shares presents an attractive entry point for yield oriented investors."

Wells Fargo also raised its valuation range for Apollo Investment Corporation from $10-$11 to $11-$12.